Bernstein sees 71% upside for Coinbase

Bernstein analysts are optimistic about Coinbase's "everything exchange" strategy, noting progress in diversifying revenue streams beyond spot crypto trading. Despite weaker first-quarter results impacted by market conditions, the firm maintained an outperform rating and a $330 price target, suggesting significant upside potential. Coinbase's efforts in derivatives, prediction markets, and payments are reportedly starting to generate meaningful revenue, signaling a positive long-term outlook for the company's broader business model.